CACS 1- Jon Mock 1 Flashcards
Are offshore banks prohibited from accepting fixed deposits in SGD
- Yes if the client is singapore residents
- They are allowed to accept SGD fixed D from non singapore residents. Amount should not be less than SGD 250k and outstanding deposits should not be less.
Are corporations with 90% shares owned by accredited investors considered an “accredited investor”?
No. Must be 100%.
Use of introducers:
If a covered person us carrying out introducing activities on behalf of the covered entity:
- person shall give advice or provide recommendation on any investment product to the client. No marketing of collective investment schemes , marketing of insurance life polices other than to the extent of carrying out introducing activities.
- client can know if he or the covered entity is remunerated if he asks. No mandatory to tell.
Covered entity when ordering a cross border wire transfer where the amount exceed SGD 2k. what is required of the originator:
Name
Account number
Address, IC number (unique identification number), or date and place of birth.
Client cancel investment into unlisted unit trust:
Bank should cancel the purchase. Recovering only expenses incurred by the covered entity by reducing the amount repaid to client.
When is disclosure of information on client’s orders allowed:
1) If it is necessary for the effective execution of the order.
2) Permitted by the rules of the relevant securities exchange, futures exchange, clearing house or recognised market operator
3) required by MAS.
A covered person who engages in fund management is required to disclose his interest in securities recorded in a register of securities maintained by him/her?
True.
He is required and they are recorded in a register of securities maintained by the covered person. Breach is punishable with a fine
How much time does the covered entity have to issue a contract note when providing capital markets services.
No later than the business day immediately following the sale or purchase of securities.
How Long is the bank given to submit an MAS misconduct report?
14 days!
What is generally not a product or service to do with accumulation of wealth
Money market products
When does EDD be required for a transaction
When the transaction is exceeding 20 k for any customer who has no otherwise established business relations to the covered entity
